The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has identified the 650,000 barrels-per-day (bpd) capacity of Dangote Petroleum Refinery as well as the Nigerian National Petroleum Corporation (NNPC) and other modular refineries as anticipated major drivers of Nigeria’s demand for petroleum products.
He spoke at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week in Lagos, Kyari said NNPC Refineries’ 445,000 bpd; Dangote Refinery’s 650,000 bpd and the 250,000 BSD, expected to come from the condensate refineries through the private sector partnership, would supply the requirement of Premium Motor Spirit (PMS) needs in Nigeria.
Kyari, who was represented by NNPC’s Group Executive Director, Downstream, Adeyemi Adetunji, explained that the diversification of NNPC’s portfolio through acquisition of 20 per cent equity, valued at $2.6 billion in Dangote Refinery located in the Lekki Free Trade Zone, would ensure national energy security and guarantee market for Nigeria’s 300,000 bpd.
He said: “NNPC is adding 215,000 bpd of refining capacity through private sector-driven co-location at the existing facilities in Warri Refining and Petrochemical Company (WRPC) and Port Harcourt Refining Company (PHRC) respectively. Modular refineries are also adding capacities, such as the 5,000 bpd Waltersmith Refinery, which will be upgraded to 50,000 bpd.
“Additional 250,000 bpd is expected to come from the condensate refineries through the private sector partnership. The co-location and condensate refineries will close the PMS supply-demand gap and create positive returns to the investors,” Kyari added.
139 total views, 1 views today